Smithsonian Agreement

Agreement by members of the Group of Ten countries in December 1971 on a realignment of currencies and a new set of pegged exchange rates. The Group of Ten (G-10) nations consisted of Belgium, Canada, France, Germany, Italy, Japan, the Nether-lands, Sweden, the United Kingdom, and the United States.

In March 1973 the agreement broke down and the G-10 nations announced that they would let their currencies float.